BIT Mining Limited [BTCM] is 1.11% higher this YTD. Is it still time to buy?

BIT Mining Limited [NYSE: BTCM] traded at a high on 06/14/21, posting a 15.04 gain after which it closed the day’ session at $9.10. The company report on May 24, 2021 that BIT Mining Limited to Invest in Cryptocurrency Mining in Kazakhstan.

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BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or “the Company”), a leading cryptocurrency mining enterprise, announced that it has entered into a binding investment term sheet (the “Term Sheet”) with a Kazakhstan-based company (“Local Partner”) to jointly invest in a cryptocurrency mining data center in Kazakhstan (the “Kazakhstan Mining Data Center”).

Pursuant to the Term Sheet, the Company will invest a total amount of RMB60 million (US$9.33 million) to jointly construct and operate the Kazakhstan Mining Data Center. Once constructed, the total power capacity of the Kazakhstan Mining Data Center is expected to be 100MW. The Company will hold an 80% equity interest in the Kazakhstan Mining Data Center, with the Local Partner holding 20%.

The results of the trading session contributed to over 1390264 shares changing hands. Over the past one week, the price volatility of BIT Mining Limited stands at 11.59% while the volatility over the past one month is 13.62%.

The market cap for BTCM stock reached $516.70 million, with 43.00 million shares outstanding and 22.40 million shares in the current float. Compared to the average trading volume of 595.50K shares, BTCM reached a trading volume of 1390264 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about BIT Mining Limited [BTCM]?

The Average True Range (ATR) for BIT Mining Limited is set at 1.18, with the Price to Sales ratio for BTCM stock in the period of the last 12 months amounting to 86.12. The Price to Book ratio for the last quarter was 6.19.

How has BTCM stock performed recently?

BIT Mining Limited [BTCM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 21.82. With this latest performance, BTCM shares dropped by -31.58% in over the last four-week period, additionally plugging by 239.55% over the last 6 months – not to mention a rise of 158.34% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BTCM stock in for the last two-week period is set at 43.78, with the RSI for the last a single of trading hit 51.31, and the three-weeks RSI is set at 41.73 for BIT Mining Limited [BTCM]. The present Moving Average for the last 50 days of trading for this stock 13.45, while it was recorded at 8.01 for the last single week of trading, and 10.40 for the last 200 days.

BIT Mining Limited [BTCM]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and BIT Mining Limited [BTCM] shares currently have an operating margin of -903.97 and a Gross Margin at -168.96. BIT Mining Limited’s Net Margin is presently recorded at -1023.27.

Return on Total Capital for BTCM is now -37.61, given the latest momentum, and Return on Invested Capital for the company is -42.81. Return on Equity for this stock declined to -44.41, with Return on Assets sitting at -37.64. When it comes to the capital structure of this company, BIT Mining Limited [BTCM] has a Total Debt to Total Equity ratio set at 2.36. Additionally, BTCM Total Debt to Total Capital is recorded at 2.30, with Total Debt to Total Assets ending up at 2.02. Long-Term Debt to Equity for the company is recorded at 1.44, with the Long-Term Debt to Total Capital now at 1.41.

Reflecting on the efficiency of the workforce at the company, BIT Mining Limited [BTCM] managed to generate an average of -$234,356 per employee. Receivables Turnover for the company is 0.98 with a Total Asset Turnover recorded at a value of 0.04.BIT Mining Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.60 and a Current Ratio set at 4.60.

Insider trade positions for BIT Mining Limited [BTCM]

There are presently around $39 million, or 7.70% of BTCM stock, in the hands of institutional investors. The top three institutional holders of BTCM stocks are: SC CHINA HOLDING LTD with ownership of 3,504,273, which is approximately 0% of the company’s market cap and around 17.51% of the total institutional ownership; MORGAN STANLEY, holding 219,959 shares of the stock with an approximate value of $2.0 million in BTCM stocks shares; and MARSHALL WACE, LLP, currently with $1.66 million in BTCM stock with ownership of nearly New of the company’s market capitalization.

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Positions in BIT Mining Limited stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 19 institutional holders increased their position in BIT Mining Limited [NYSE:BTCM] by around 546,739 shares. Additionally, 8 investors decreased positions by around 157,218 shares, while 1 investors held positions by with 3,618,111 shares. The mentioned changes placed institutional holdings at 4,322,068 shares, according to the latest SEC report filing. BTCM stock had 15 new institutional investments in for a total of 517,601 shares, while 5 institutional investors sold positions of 105,165 shares during the same period.

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